Take-Two Release Financial Expectations News

Take-Two Interactive has today announced its financial expectations for the 2005 fiscal year along with the first quarter 2006, which has seen the company lower its figures from $1.185 billion to $1.180 billion in net sales. Citing the delayed release of GTA: Liberty City Stories in Europe to this month (the first quarter of fiscal 2006) as well as results from Take-Twoâ??s distribution arm Jack of All Games and sales of Take-Two titles in October, the adjustment means a per share drop of $0.03 to $0.53.

Discussing the fiscal expectations for 2006, Take-Two has also confirmed net sales reductions to between $1.35 billion and $1.45 billion with Q1 sales around $300 million to $350 million. Reasons for the Q1 reductions include the delayed release of the Xbox 360/PC title Elder Scroll V: Oblivion to Q1 and a cautious retail environment in the United States.

"It is disappointing to reduce our financial guidance. However, we remain optimistic about Take-Two's overall prospects and the favourable dynamics of our industry," said Paul Eibeler, President and Chief Executive Officer. "We continue to create compelling content, supported by strong creative and financial resources. For Fiscal 2006, we are well positioned for the opportunities to extend our brands across the large installed base of current generation platforms, as well as next generation hardware including the two previously announced Rockstar Games titles for the PSP, one of which is a new Grand Theft Auto title. We are pleased with the strong initial gamer and trade press response to our recently released Grand Theft Auto: Liberty City Stories for the PSP, as well as The Warriors and Sid Meier's Civilization IV."

Yes, Eibeler has taken this opportunity to reveal that another Grand Theft Auto title will be released next year for PSP though details surrounding the game are yet to disclosed (given that the first title was set in Liberty City, is it safe to assume that the second game will be set in Vice City???) Rumours of what the second Rockstar PSP title could possibly be are certain to spread across the web in future weeks until an official announcement is made â?“ what do you think itâ??ll be?